The city has to ‘go abroad’ to attract inward investment

MARKETING chiefs from Leeds must travel the world if they want to attract inward investment from financial and professional services firms, according to a leading figure from the UK banking industry.
Lord Mayor of the City of London, Roger GiffordLord Mayor of the City of London, Roger Gifford
Lord Mayor of the City of London, Roger Gifford

Roger Gifford, the outgoing Lord Mayor of the City of London, said increasing competition means that the city has to “go abroad... get out there and create con-tacts”.

He was speaking after a round table event hosted in Yorkshire yesterday and attended by business and civic leaders and immediate past and future City mayors, Yorkshireman David Wootton and Fiona Woolf, both high-flying City lawyers.

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Mr Gifford, the UK country head of Skandinaviska Enskilda Bank, told the Yorkshire Post that the trend of offshoring has now been reversed, with “waves and waves of people coming back again”.

This trend is creating opportunities for regional banking centres, but Leeds is facing increasing competition from UK rivals like Cardiff and Belfast.

Paula Dillon, a prominent Leeds lawyer who chaired yesterday’s breakfast meeting at law firm Bond Dickinson, said that Leeds cannot offer grants and financial incentives like some centres, but can offer talent and expertise as well as cost advantages.

The City UK lobby group warned last month that Leeds is losing ground to rivals in Wales and Northern Ireland.

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Cardiff and Belfast have strong messages and clear propositions which complement the City of London, rather than try to provide an alternative, said chief executive Chris Cummings.

Yesterday’s statement from marketing agency Leeds and Partners underlined the partnership approach.

Mr Gifford said: “In an increasingly globalised world, Leeds and London are stronger together when it comes to promoting our expertise on the international stage.

“The 40,000 people working in the financial industry in Leeds are a major asset for the UK as a whole.”

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Lurene Joseph, chief executive of Leeds and Partners, said the Lord Mayor’s visit emphasises the City’s commitment to Leeds and the importance of Leeds in strengthening the offer of UK plc.

Fiona Woolf, the Lord Mayor Elect who takes office at a ceremony in London on Friday, told the event that she wants the regions to take part in a programme of overseas visits in the coming year.

Publicly-funded Leeds and Partners said it plans to join Ms Woolf at the Asian Financial Forum in Hong Kong in January.

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